Common use of Daily Delay Damage Payment Clause in Contracts

Daily Delay Damage Payment. Daily Delay Damages payments applicable to days included in any Daily Delay Damages Extension are nonrefundable and are in addition to, and not a part of, the Project Development Security; provided that Seller will be entitled to a refund (without interest) of any estimated Daily Delay Damages payments paid by Seller to Buyer which exceed the amount required to cover the number of days by which the Guaranteed Commercial Operation Date was actually extended. Each Party agrees and acknowledges that the damages that Xxxxx would incur due to Seller’s delay in achieving the Guaranteed Commercial Operation Date would be difficult or impossible to predict with certainty and the Daily Delay Damages are an appropriate approximation of such damages.

Daily Delay Damage Payment. Daily Delay Damages payments applicable to days included in any Daily Delay Damages Extension are nonrefundable and are in addition to, and not a part of, the Project Development Security; provided that Seller will be entitled to a refund (without interest) of any estimated Daily Delay Damages payments paid by Seller to Buyer which exceed the amount required to cover the number of days by which the Guaranteed Commercial Operation Date was actually extended. Each Party agrees and acknowledges that the damages that Xxxxx Buyer would incur due to Seller’s delay in achieving the Guaranteed Commercial Operation Date would be difficult or impossible to predict with certainty and the Daily Delay Damages are an appropriate approximation of such damages.

Daily Delay Damage Payment. Daily Delay Damages payments applicable to days included in any Daily Delay Damages Extension are nonrefundable and are in addition to, and not a part of, the Project Development Security or Term Security, as applicable; provided that Seller will be entitled to a refund (without interest) of any estimated Daily Delay Damages payments paid by Seller to Buyer which exceed the amount required to cover the number of days by which the Guaranteed Commercial Operation Date was actually extended. Each Party agrees and acknowledges that the damages that Xxxxx would incur due to Seller’s delay in achieving the Guaranteed Commercial Operation Date would be difficult or impossible to predict with certainty and the Daily Delay Damages are an appropriate approximation of such damages.